The stock of Midland Exploration Inc. (CVE:MD) gapped up by $0.03 today and has $3.23 target or 181.00% above today’s $1.15 share price. The 8 months technical chart setup indicates low risk for the $65.64 million company. The gap was reported on Nov, 16 by Barchart.com. If the $3.23 price target is reached, the company will be worth $118.81 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 27,300 shares traded hands. Midland Exploration Inc. (CVE:MD) has risen 6.00% since October 17, 2016 and is uptrending. It has outperformed by 1.31% the S&P500.
More recent Midland Exploration Inc. (CVE:MD) news were published by: Marketwired.com which released: “Midland Exploration Announces the Grant of Options” on June 16, 2016. Also Marketwired.com published the news titled: “Midland Exploration Announces Completion of Private Placement” on November 20, 2015. Juniorminingnetwork.com‘s news article titled: “Midland Exploration Discovers Platinum and Palladium Showings and Commences …” with publication date: October 18, 2016 was also an interesting one.
Midland Exploration Inc. is engaged in the mining exploration business. The company has a market cap of $65.64 million. The Company’s activities include the acquisition and exploration of mining properties. It currently has negative earnings. The Firm is focused on gold, platinum group elements, base metals and rear earth metal mine discoveries in Quebec, Canada.
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